January 3, 2018 / 2:07 AM / 10 months ago

GRAINS-Wheat firms, lingers near one-month high as cold weather threatens U.S. crops

    SYDNEY, Jan 3 (Reuters) - U.S. wheat futures rose for a
second consecutive session on Wednesday as temperatures plunged
across a key producing region, stoking fears of potential crop
losses, keeping prices near a one-month high.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.4 percent at $4.34-1/4 a bushel by 0133
GMT, having closed up 1.5 percent on Tuesday when prices hit a
high of $4.36-1/4 a bushel - the highest since December 5, 2017.
    * The most active soybean futures were up 0.2 percent
to $9.66-1/4 a bushel, having firmed 0.3 percent on Tuesday.
    * The most active corn futures were unchanged at
$3.53-1/4 a bushel, having gained 0.7 percent in the previous
session.
    * Wheat supported as temperatures plunge across the U.S.
Plains, which is devoid of the typical snowfall that would
protect dormant crops.
    * U.S. Department of Agriculture said on Tuesday morning
that weekly U.S. soybean export inspections were 1.139 million
tonnes, in line with forecasts for 1.1 million to 1.3 million
tonnes.
    * Corn export inspections were 683,898 tonnes, also in line
with trade estimates that ranged from 575,000 to 800,000 tonnes.
Export inspections of wheat totalled 274,506 tonnes, below
estimates for 300,000 to 600,000 tonnes.
             
    MARKET NEWS  
    *  The dollar dropped on Tuesday to its lowest in more than
three months, weighed down on the first trading day of 2018 by
expectations of a slower pace of interest rate increases by the
Federal Reserve amid a tepid U.S. inflation picture.  
    * Oil prices hit mid-2015 highs in early trading on Tuesday
but dipped to settle slightly lower as major pipelines in Libya
and the UK restarted and U.S production soared to the highest
level in more than four decades.  
    * U.S. stocks rose in the first session of the new year and
the Nasdaq closed above 7,000 for the first time on Tuesday as
investors were optimistic that 2018 will bring more gains for
the market.  
        
 Grains prices at  0133 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  435.25     1.75   +0.40%       +1.93%   427.51     75
 CBOT corn   353.25     0.00   +0.00%       +0.71%   352.43     67
 CBOT soy    966.75     2.00   +0.21%       +0.52%   988.05     47
 CBOT rice    11.75   -$0.03   -0.21%       -1.43%   $12.28     27
 WTI crude    60.42    $0.05   +0.08%       +0.00%   $58.01     76
 Currencies                                                       
 Euro/dlr    $1.205   $0.000   -0.02%       +0.38%                
 USD/AUD     0.7823   -0.001   -0.08%       +0.26%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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